There's already rebates on some lenses. For instance, I will be buying a D40 soon and if you buy it with the 55-200mm VR or non-VR, you get $100 off the lens (so $99 or $149). It ends May 23rd, but may be extended.

Sorry for the myopia Matio. I was referring to US only. The Euro and the pound have had materially different movements reletive to the JPY. Strange part about the Dollar... as our economy has weakened, the dollar goes up because US investors are more scared than investors in other countries and the mix of cash to equities starts to tilt toward cash which = a higher dollar... go figure.

The Cannon rebates all seem to be lens related. I wouldn't be surprised if this were the case with Nikon as well. The camera bodies didn't go up in price the way the lenses did (not counting the D90, which was pushed artificially low by Nikon's product line up).

Cannon just launched a round of rebates on their lenses. I think that this coupled with what has been going on with the dollar \ yen (currently 99 yin \ dollar) will probably force Nikon into responding.